(See my posts "Paterno House Transfer Won’t Shelter Him," and "Joe Paterno’s House Transfer Was A Dumb Tax Move."). (See my post, "Mike Wallace Death Underlines Need To Prepare Financially For Risk Of Dementia."). As it happens, Joe Paterno had a very garden-variety will. Suzanne Pohland Paterno (/ pəˈtɜːrnoʊ /; born February 14, 1940), sometimes referred to as " SuePa ", is an American philanthropist. Born in 1968, Jay is the son of Sue and Joe Paterno. So you should still have a will that can cover everything else, whether or not you listed it. My most recent book is Estate Planning Smarts -- a guide for baby boomers and their parents. She is the widow of football coach Joe Paterno, who led the Penn State Nittany Lions from 1966 to 2011. If your goal is to avoid probate totally, keep this in mind: using a living trust for this purpose only works for assets put into the trust. Shortly after her graduation in 1962, Joe and Sue were married. As pointed out by SB Nation, Jay Paterno is now blogging in promotion of Saudi Arabia. [2][3], In 2010, Sue Paterno led the charge to build a Roman Catholic student faith center on the Penn State University Park campus. For more about planning for same-sex couples, see my post "Same-Sex Couples Face A Raft Of Planning Issues," and a guest post by Seattle lawyer Wendy Goffe, "How I Became The Straight Lady For Gay Marriage.". Nous voudrions effectuer une description ici mais le site que vous consultez ne nous en laisse pas la possibilité. Someone with a domestic partner might use a living trust, because it is harder for family members to challenge a trust than a will. As it happens, Joe Paterno had a very garden-variety will. Meanwhile, the family of his former boss--the late Pennsylvania State University football coach Joe Paterno--has ended a showdown with the press by releasing his will. Raised by legendary head football coach, Joe Paterno and wife Sue, Jay went on to play for the Nittany Lions and then coach, as an assistant for over a … But people who didn’t know Sue Paterno… Both a will and a living trust can be used to transfer assets, but each has unique uses. Suzanne Pohland was born on February 14, 1940 in Latrobe, Pennsylvania. Paterno's death in January leaves unanswered the question of why he turned the other cheek to the horrendous child abuse charges involving Sandusky. And this makes it a public record. I cover personal finance for baby boomers. While a will does not take effect until you die, a living trust can be used to hold assets for your benefit while you are alive – for example, in case of dementia. Unlike a will, a living trust is not a public document. [1], Joe and Sue had 5 children together: Diana, Mary Kay, David, Scott, and Jay; they all graduated from Penn State. You can also follow me on Twitter, © 2020 Forbes Media LLC. A living trust is also useful if you own real estate in a state that is not your primary residence. She is the widow of football coach Joe Paterno, who led the Penn State Nittany Lions from 1966 to 2011. Unless the property is in a living trust, an Illinois resident who has a home in Florida, for instance, would need to probate the property separately there. Real estate is governed by the probate rules of the state in which it is located. And inevitably something gets left out. [5], Please help to establish notability by citing, Learn how and when to remove this template message, "Sue Paterno more than coach's wife at Penn State", "ESPN.com - Joe Paterno earned $13.4M pension", "The Suzanne Pohland Paterno Catholic Student Faith Center » Blog Archive » A Letter from Sue Paterno", "Sue Paterno honored at opening of Catholic Center | Archives | collegian.psu.edu", https://en.wikipedia.org/w/index.php?title=Sue_Paterno&oldid=969091890, Articles with topics of unclear notability from November 2019, All articles with topics of unclear notability, Biography articles with topics of unclear notability, Creative Commons Attribution-ShareAlike License, This page was last edited on 23 July 2020, at 10:14. The takeaway: If you want privacy, transfer the bulk of your assets through a living trust (also called a revocable trust), rather than a will. Impact 50: Investors Seeking Profit — And Pushing For Change, filed a motion in Centre County Court to unseal the will, "Same-Sex Couples Face A Raft Of Planning Issues, How I Became The Straight Lady For Gay Marriage, "Joe Paterno’s House Transfer Was A Dumb Tax Move, Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide. He is married to Kelley, his wife of 25 years. If you have story ideas or tips, please e-mail me at: deborah [at] estateplanningsmarts [dot] com. Joseph Vincent "Jay" Paterno Jr. is an American football coach who was most recently the passing game coordinator and quarterbacks coach for the Penn State Nittany Lions football team under his father Joe Paterno, former head coach of the team.Also active in politics, Paterno unsuccessfully sought the Democratic Party nomination for Lieutenant Governor of Pennsylvania in 2014. As a senior editor at Forbes, I have covered the broad range of topics that affect boomers as they approach retirement age. Deborah L. Jacobs, a lawyer and journalist, is the author of Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide. As a senior editor at Forbes, I have covered the broad range of topics that…, I'm a financial journalist and author with experience as a lawyer, speaker and entrepreneur. She studied English literature at Penn State University, where she met then-assistant coach Joe Paterno. Last summer, less than four months before the sexual abuse charges against Sandusky became public, Paterno transferred ownership of his house to a trust that would benefit his wife. Many wills of famous people, including Jacqueline Kennedy Onassis and Warren Burger, former Chief Justice of the United States (who wrote his own will), are available online. I'm a financial journalist and author with experience as a lawyer, speaker and entrepreneur. A will must be submitted for probate – the court’s approval – before the assets it covers can be distributed. His wife Sue Paterno commissioned a vital February 2013 report by former FBI profiler Jim Clemente to educate society about “nice-guy” offenders. A common misconception is that living trusts avoid estate taxes, which is not true. Mike Wallace Death Underlines Need To Prepare Financially For Risk Of Dementia, Monday Morning Quarterback: Joe Paterno’s House Transfer Was A Dumb Tax Move, Sign A Healthcare Proxy, Living Will And Power Of Attorney, Archive of Forbes Articles By Deborah Jacobs. Updated: A jury on June 22 convicted longtime Penn State football defensive coordinator Jerry Sandusky of sexually abusing 10 boys. Powered by BizBudding Inc. STATE COLLEGE, PA - SEPTEMBER 12: Head coach Joe Paterno of the Penn State Nittany Lions walks on to the field before the start of their game against the Syracuse Orangemen at Beaver Stadium September 12, 2009 in State College, Pennsylvania. But the only eyebrow raiser about his will is why his family tried to hide it. Whether probate is costly or burdensome will depend on the state. Everything else, including cash and securities, would go to a living trust set up in 1997. In some states, living trusts are also used to eliminate probate. That means everything from financial strategies and investment scams to working and living better as we get older. Suzanne Pohland Paterno (/pəˈtɜːrnoʊ/; born February 14, 1940), sometimes referred to as "SuePa", is an American philanthropist. And of course, this will must be probated. 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For example, if you are concerned about publicity over your net worth or the identity of your beneficiaries, you might transfer assets through a trust. He left his cars and personal possessions to his wife, Suzanne P. Paterno. Still, there are times when you might want to use a living trust to limit how much of your estate goes through probate or to avoid it altogether. She taught at a local school in Centre County, Pennsylvania for a year before leaving to give birth to her first child, Diana. There was speculation at the time that Paterno wanted to stop the house from being used to satisfy a judgment against him if, as a result of the Sandusky scandal, Paterno was sued and found to be personally liable. Four days later, on June 14, just as The Citizens’ Voice filed a motion in Centre County Court to unseal the will, the family made both Paterno's 1997 will and the 2010 amendment, known as a codicil, available. 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Joe Paterno’s son, Jay Paterno, who coached at Penn State from 1995-2011, has apparently landed a new job. All Rights Reserved, This is a BETA experience. He left his cars and personal possessions to his wife, Suzanne P. Paterno. For example, only a will can be used to appoint a guardian for a child. There is widespread confusion about the differences between these two documents, and when you need one rather than the other. Early life and education Suzanne Pohland was born on February 14, 1940 in Latrobe, Pennsylvania. [2], Together, Joe and Sue Paterno have donated millions of dollars to Penn State and to other charities, most notably, the Special Olympics. In puzzling news The Citizens' Voice, a Wilkes-Barre, PA tabloid, reported a week ago that at the family's request a probate judge had sealed the will, making it unavailable to the public. 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